Citigroup top emerging markets underwriter for year to date

• Emerging markets issuance reaches $275.26 billion year to date

New York, Sept. 28 - Citigroup continued as the top underwriter of emerging markets debt for the year to date, but the fight at the top expanded to include four banks as JPMorgan recorded a strong performance in September, according to data compiled by Prospect News.

Citi, HSBC and Deutsche Bank have been bunched together in the leading three positions for much of the year and continued to be narrowly separated for the year through September.

Citi is now $426 million ahead of HSBC, down from $887 million for the year through August and almost back to the $364 million margin in July.

Deutsche Bank slipped behind a little and is now trailing HSBC by $2.67 billion, but JPMorgan is $823 million behind that, a gap of just 0.3% of the market.

September was the second busiest month this year. A total of $43.70 billion of new deals came to market, a slim $480 million behind the $44.18 billion in January.

Year-to-date volume is now $275.26 billion, a full 50% more than the $183.41 billion for the first nine months of 2011.

The trend is broadly similar for dollar-denominated emerging markets bonds sold in the United States. Citigroup ranked first, as it did in the previous six months, followed by JPMorgan, HSBC and Deutsche Bank. Deutsche moved up a place relative to August.

Year-to-date issuance in the U.S. market is $164.83 billion, around a third more than the $121.19 billion for the first three quarters of 2011.

All major currencies, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	31.551	147	11.46%	4	14.173	74	7.73%
2	HSBC	31.125	145	11.31%	3	15.291	89	8.34%
3	Deutsche Bank	28.457	110	10.34%	1	19.150	87	10.44%
4	JPMorgan	27.634	124	10.04%	2	18.760	78	10.23%
5	Barclays	15.440	61	5.61%	7	10.850	60	5.92%
6	Goldman Sachs	13.644	59	4.96%	6	10.919	54	5.95%
7	Morgan Stanley	13.186	58	4.79%	13	4.691	32	2.56%
8	Standard Chartered	11.504	67	4.18%	10	5.847	47	3.19%
9	Bank of America	11.472	68	4.17%	5	12.290	60	6.70%
10	BNP	9.514	48	3.46%	8	8.797	43	4.80%
	Total	275.263	411	183.414	326
	Average size:	0.670	0.563
U.S. market, dollar-denominated deals, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	22.990	94	13.95%	4	10.982	53	9.06%
2	JPMorgan	20.372	79	12.36%	1	17.036	64	14.06%
3	HSBC	16.102	65	9.77%	5	9.418	53	7.77%
4	Deutsche Bank	13.005	57	7.89%	2	12.517	53	10.33%
5	Goldman Sachs	11.030	43	6.69%	6	7.668	36	6.33%
6	Barclays	10.614	38	6.44%	7	7.428	36	6.13%
7	Morgan Stanley	9.682	36	5.87%	14	2.894	21	2.39%
8	Bank of America	8.528	44	5.17%	3	11.435	53	9.44%
9	Standard Chartered	4.685	21	2.84%	11	3.238	27	2.67%
10	UBS	4.422	24	2.68%	13	2.899	16	2.39%
	Total	164.831	214	121.188	190
	Average size:	0.770	0.638
All major currencies, Third quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	11.518	38	12.27%	9	1.200	6	4.51%
2	JPMorgan	10.373	46	11.05%	3	2.479	8	9.32%
3	HSBC	9.997	49	10.65%	5	1.932	13	7.27%
4	Citigroup	8.742	52	9.32%	2	2.852	10	10.73%
5	Goldman Sachs	6.312	23	6.73%	4	2.411	11	9.07%
6	Morgan Stanley	5.472	23	5.83%	11	1.116	7	4.20%
7	Bank of America	5.028	31	5.36%	1	3.085	9	11.60%
8	Standard Chartered	3.342	21	3.56%	14	0.556	4	2.09%
9	UBS	2.693	17	2.87%	13	0.591	6	2.22%
10	Barclays	2.690	16	2.87%	7	1.652	8	6.21%
	Total	93.837	140	26.591	56
	Average size:	0.670	0.475
U.S. market, dollar-denominated deals, Third quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.788	29	14.26%	2	2.400	6	14.67%
2	Citigroup	5.561	30	10.18%	3	1.646	4	10.06%
3	Goldman Sachs	5.183	20	9.49%	4	1.538	7	9.40%
4	Deutsche Bank	4.865	21	8.91%	9	0.591	2	3.61%
5	Morgan Stanley	4.668	18	8.55%	11	0.437	3	2.67%
6	HSBC	4.656	20	8.52%	5	1.292	8	7.89%
7	Bank of America	3.747	21	6.86%	1	3.085	9	18.86%
8	UBS	1.765	9	3.23%
9	Barclays	1.689	8	3.09%	6	1.270	4	7.76%
10	VTB Capital	1.562	5	2.86%
	Total	54.619	74	16.362	26
	Average size:	0.738	0.629
All major currencies, September
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.890	28	13.48%	1	0.657	2	22.76%
2	HSBC	4.941	25	11.31%	4	0.266	2	9.21%
3	Deutsche Bank	4.719	18	10.80%	2	0.491	1	17.02%
4	Citigroup	4.481	24	10.25%
5	Goldman Sachs	3.424	10	7.83%	6	0.166	1	5.74%
6	Morgan Stanley	3.035	14	6.95%	5	0.175	1	6.06%
7	Bank of America	2.488	14	5.69%	3	0.341	2	11.81%
8	Barclays	1.322	6	3.03%	11	0.133	2	4.61%
9	Credit Suisse	1.319	7	3.02%	8	0.166	1	5.74%
10	Santander	1.027	5	2.35%
	Total	43.702	70	2.886	7
	Average size:	0.624	0.412
U.S. market, dollar-denominated deals, September
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.435	18	15.84%	1	0.657	2	28.23%
2	Deutsche Bank	3.457	11	12.35%	2	0.491	1	21.11%
3	Citigroup	2.647	12	9.45%
4	Goldman Sachs	2.564	8	9.15%	5	0.166	1	7.12%
5	Morgan Stanley	2.501	10	8.93%	4	0.175	1	7.52%
6	HSBC	2.387	9	8.52%	6	0.166	1	7.12%
7	Bank of America	1.801	8	6.43%	3	0.341	2	14.64%
8	Credit Suisse	1.100	5	3.93%	8	0.166	1	7.12%
9	BTG Pactual	0.868	2	3.10%
10	Barclays	0.866	3	3.09%
	Total	28.004	37	2.327	3
	Average size:	0.757	0.776
Prospect News Emerging Markets Underwriter Rankings

Criteria

• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.

• Offerings are included in the time period in which they price (or settle if pricing date not available).

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Units made up of a bond and a warrant are included; other units are excluded.

• Best efforts and non-underwritten deals are excluded.

• Non-dollar deals are converted to dollars at the rate on the day of pricing.

• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.

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